Teekay

From time-to-time Teekay's board of directors has authorized the repurchase of its common shares in the open market and other transactions, including, among others, such authorizations in September 2024 and October 2024.

SEC original ↗Teekay — Earnings release (6-K report)6-KJul 31, 2026

During the year ended December 31, 2025, Teekay repurchased approximately 0.7 million of its common shares for $4.9 million, or an average of $6.71 per share, pursuant to such authorizations, which resulted in the Company recording a reduction of book value of share capital of $6.9 million and a reduction to accumulated deficit of $1.9 million.

SEC original ↗Teekay — Earnings release (6-K report)6-KJul 31, 2026

As at June 30, 2026, the total remaining share repurchase authorization was $28.1 million.

SEC original ↗Teekay — Earnings release (6-K report)6-KJul 31, 2026

Item 1A Risk Factors In addition to the other information set forth in this Report on Form 6-K, including below in this Item 1A, you should carefully consider the risk factors discussed in Part I, Item 3 Key Information - Risk Factors in our Annual Report on Form 20-F for the year ended December 31, 2025, which could materially affect our business, financial condition or results of operations, the price and value of our securities and our ability to pay dividends on our common shares.

SEC original ↗Teekay — Earnings release (6-K report)6-KJul 31, 2026

Long-Term Debt As at June 30, 2026, the Company had one revolving credit facility (or the 2023 Revolver ), for which Teekay Tankers is the borrower and which, as at such date, provided for aggregate borrowings of up to $97.6 million (December 31, 2025 - $171.7 million), of which $97.6 million (December 31, 2025 - $171.7 million) was undrawn.

SEC original ↗Teekay — Earnings release (6-K report)6-KJul 31, 2026

In April 2026, eight tankers were released from collateral securing obligations under the 2023 Revolver, and the aggregate amount of borrowings available at that time under the 2023 Revolver were reduced by $60.5 million.

SEC original ↗Teekay — Earnings release (6-K report)6-KJul 31, 2026

Costs associated with environmental credits acquired solely to support voluntary environmental initiatives are generally expensed as incurred.

SEC original ↗Teekay — Earnings release (6-K report)6-KJul 31, 2026

The extent to which the Company employs its vessels on voyage charters versus time charters and bareboat charters is dependent upon the Company s chartering strategy and the availability of time charters and bareboat charters.

SEC original ↗Teekay — Earnings release (6-K report)6-KJul 31, 2026

c) Legal Proceedings and Claims The Company may, from time to time, be involved in legal proceedings and claims that arise in the ordinary course of business.

SEC original ↗Teekay — Earnings release (6-K report)6-KJul 31, 2026

AND SUBSIDIARIES JUNE 30, 2026 PART II OTHER INFORMATION Item 1 Legal Proceedings None.

SEC original ↗Teekay — Earnings release (6-K report)6-KJul 31, 2026

These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond our control.

SEC original ↗Teekay — Earnings release (6-K report)6-KJul 31, 2026

The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement potential delays of vessel deliveries by and to the Company and other factors discussed in our filings from time to time with the SEC, including in our Annual Report on Form 20-F for the fiscal year ended December 31, 2025.

SEC original ↗Teekay — Earnings release (6-K report)6-KJul 31, 2026

The escalation of hostilities in and around the Strait of Hormuz could lead to further global economic instability, disrupt our operations and the industry in which we operate, increase costs, and adversely impact our business.

SEC original ↗Teekay — Earnings release (6-K report)6-KJul 31, 2026

Although we are unable to predict the ultimate impact of the current conflict on the global economy, oil supply and demand, spot tanker rates, and the distribution, production and transportation of oil, we realize that the conflict could adversely impact our business, results of operations, financial condition, and cash flows.

SEC original ↗Teekay — Earnings release (6-K report)6-KJul 31, 2026